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What’s Included in a Standard Home Insurance?



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In order to learn how to get cheap home insurance, it is important to know and understand what home insurance is and what types of protection it may provide for your home. Home insurance may sound intimidating at first, but basically, it’s a policy that provides coverage to any damage or destruction on a homeowner’s property and additional assets that they may have. Any damages that occur internally or externally, like fire, vandalism, etc., your home insurance will cover it. With that said, there are usually six types of coverages that a standard policy includes: Dwelling, Loss of Use, Medical Payments, Other Structures, Personal Liability, and Personal Property.

 

Dwelling Coverage

Dwelling coverage protects your house against many aspects such as, fire, hail, lightning, wind, and more. If in the case that your house is completely destroyed, you should have adequate dwelling coverage to rebuild it. This coverage does not include natural disasters like earthquakes and floods, so you may need to purchase more policies depending on where your property is located.

 

Loss of Use Coverage

Loss of Use coverage can help reimburse living expenses like, hotel, restaurant, etc. fees, while your house is being repaired or replaced from a disaster. Be aware that there is usually a 20% limit on your dwelling coverage and maybe a time limit too, depending on what policy you have.

 

Medical Payments Coverage

Medical Payments coverage can assist you when an injured person is on your property and refuses to file a lawsuit. Keep in mind that there is a limit usually set to about $1,000, so you may want to purchase additional policies.

 

Other Structures Coverage

Other Structures coverage covers additional assets that you may have like, detached garages, fences, sheds, and more.  With this coverage, there is a limit of about 10% to your dwelling coverage.

 

Personal Liability Coverage

Personal Liability coverage helps you when someone files a lawsuit after being injured on your property or with property damages made by you, your pet(s), or a household member. In addition, this policy can pay for legal defense against you and any awards or settlements from the lawsuit until the limit of your dwelling coverage (usually set to about $100,000).

 

Personal Property Coverage

Personal Property coverage protects your personal possessions like, clothing, electronics, furniture, etc. if they are destroyed or stolen by a natural disaster. The limit for this policy is usually between 50-70% of your dwelling coverage and can be very limited to expensive items like furs and jewelry.

 

Now that you have a better understanding of home insurance, you can research how to get cheap home insurance with the help of a Get-A-Quote professional. Get-A-Quote is a great insurance shopping tool to help you find a quote for the insurance you need. Don’t be shy, give us a try!